Excerpt from Capital to-Day: A Study of Recent Economic Development
The following study has been written with special reference to the present economic situation in the United States, the essential features of which have been developed since the Civil War. But as the laws underlying the capitalist mode of production and its tendencies are the same everywhere, such special reference to one country partakes of the character of an illustration of conditions obtaining or shaping themselves to-day in all advanced industrial countries.
The most momentous developments during this period are the centralization of control of capital and the modification of the money system. The latter is by far the more portentous. Yet it is the former which occupies public attention, while silence reigns concerning the menacing money question. True, when things financial are at sixes and sevens the facts are published and the means for overcoming the emergency discussed; but the theoretic treatment of this important subject is neglected or avoided by those whose particular function it is to study such subjects theoretically, namely, the paid specialists in political economy at the universities.
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